There remain certain closing conditions to be satisfied, including that the Company's assets under management and administration ("AUM/AUA") have not declined by more than 20% from June 30, 2008 to the date of closing of the transaction. As at the close of business on October 7, 2008, AUM/AUA had declined by approximately 19%, due to the extraordinary global equity market declines of the past two months.
Following is the approximate asset allocation of the Company's overall AUM/AUA at the present time.
- Fixed Income:
-- 30% (all maturities less than 5 years)
- Equities:
-- 40% U.S.
-- 30% International
The AUM/AUA measurement test is a one-day test as at the time of closing. Given the current volatility in the marketplace, there can be no assurance as to whether or not this closing condition will be satisfied as at the expected closing date.
While WRI has arranged equity and debt financing to assist it in completing the acquisition, its obligations under the Agreement are not subject to a financing condition. -- www.cnxmarketlink.com
